Saturday, June 10, 2023
  • Advertise with Us
  • About Us – (Naijtimes.com) Nigeria
  • Donate to Naijtimes.com Project
Naijtimes News and Entertainment
  • Home
  • News
    • Business
    • Health
    • local
    • Politics
  • Entertainment
    • Celebrity
    • Movies
    • Music
    • Video
  • Fashion
  • Sports
  • Global
    • Africa
    • Americas
    • Asia Pacific
    • Europe
  • Opinions
  • Arts & Culture
  • Login
  • Register
No Result
View All Result
Naijtimes News and Entertainment
Home News Business

Sahara Group to raise $1.4b in London, Lagos stock markets

augustus by augustus
Sep 8, 2015
in Business, News
0
233
SHARES
569
VIEWS
Share on FacebookShare on TwitterShare on LinkedinShare on PinterestShare on WhatsappShare on Telegram

Related posts

Duties and responsibilities of Acting Central Bank of Nigeria Governor Adebayo Shonubi

Duties and responsibilities of Acting Central Bank of Nigeria Governor Adebayo Shonubi

Jun 10, 2023
DSS arrests ousted CBN Governor, Emefiele

DSS arrests ousted CBN Governor, Emefiele

Jun 10, 2023

[dropcap type=”2″]S[/dropcap]ahara Group, a Nigerian energy company, plans to raise as much as $1.4 billion through a dual listing of its oil and gas unit in London and Lagos along with a debut dollar bond sale.

Lagos-based Sahara, which trades crude oil and owns Nigeria’s biggest power plant, wants the money to buy oil blocs in  Africa’s largest producer as it seeks to ramp up production five-fold to 60,000 barrels a day, said Executive Director Tonye Cole.

Sahara is seeking as much as $600 million in the initial public offering, which may take place within a year, and $800 million through a seven-year bond that should be issued by the end of October, he said.

“Over the next five years, our target is to be one of the largest indigenous producers in Nigeria,” Cole, 48, who owns a third of Sahara, said in an interview at the company’s headquarters in Lagos. “A lot is dependent on the IPO. We started down that road before oil prices collapsed, but we’re still focused on it.”

Sahara and others including Seplat Petroleum Development Co. and Shoreline Group, are taking advantage of so-called indigenisation laws in Nigeria’s oil industry that are meant to boost production by local companies. Those groups account for about 20 per cent of Nigeria’s production of nearly two million barrels a day.

Seplat, which pumps about 70,000 barrels daily, became the first Nigerian company to sell its shares in London and Lagos when it completed listings in April, 2014. The stock has fallen 69 percent in London in the past year as crude prices more than halved, giving the company a market capitalisation of 409 million pounds ($624 million).

“We’re looking to raise somewhere between $500 million to $600 million for about 20 to 25 per cent of the shares,” Cole said, which would value the unit at between $2 billion and $3 billion.

Sahara will meet investors in Europe and the U.S. in the next few weeks to discuss the deals, Cole said. He declined to identify the banks working on the IPO or Eurobond sale.

Companies from Africa’s biggest economy are increasingly looking to sell stock in the U.K. Aliko Dangote, Africa’s richest man, wants to list his main company, Dangote Cement Plc, which already trades in Lagos and London.

Interswitch Limited., which processes bank transactions and owns a brand of debit cards, is also considering a dual listing.

Beyond oil and gas production, Sahara, which makes revenue of about $10 billion annually, is expanding its trading and power divisions. It plans to double generation at the Egbin power plant in Lagos to 2,600 megawatts within five years, Cole said. Sahara needs to recoup its debts from the government-owned bulk buyer of electricity before that happens, he said.

Sahara may re-bid for new government oil-swap contracts, also known as offshore processing agreements. The company’s OPA, which saw it provide refined petroleum in return for crude, was canceled last month after the state-owned Nigerian National Petroleum Corporation. said the terms were “skewed.”

[quote_box_center]“There’s no one that would ever deny that when the swap, or the OPA, was instituted six years ago that it was a necessity at that point,” Cole said. “But we had discussions with the NNPC. We all agreed that it was time to have a review and move forward. I have no problem with it.”[/quote_box_center]

Sahara will also consider entering into joint ventures with Nigeria’s four state-owned refineries, he said. The NNPC is under pressure from President Muhammadu Buhari, who came to power in May promising to revamp the graft-ridden oil industry, to revive the dilapidated refineries and end Nigeria’s reliance on imported fuel.

[vc_button title=”Follow Us On Facebook” target=”_self” color=”default” href=”https://www.facebook.com/pages/Naijtimescom/716113428519232″]

Facebook Comments

Share this:

  • Share on Tumblr
  • WhatsApp

Like this:

Like Loading...
Previous Post

Ibrahim, Ujah in starting XI for Niger clash

Next Post

Cynthia Morgan debunks romance with Burna Boy

Next Post

Cynthia Morgan debunks romance with Burna Boy

Drop Your Comment Cancel reply

RECOMMENDED NEWS

President Buhari has authorized the delay of the 2023 census.

President Buhari has authorized the delay of the 2023 census.

1 month ago
Due to an infestation of insects(Cockroaches), prayer was not able to be conducted in Kaaba

Due to an infestation of insects(Cockroaches), prayer was not able to be conducted in Kaaba

2 months ago
Live Report from Supplementary election at Iyiowa Odekpe

Live Report from Supplementary election at Iyiowa Odekpe

2 months ago
A Building that was in the process of being constructed in Banana Island has collapsed

A Building that was in the process of being constructed in Banana Island has collapsed

2 months ago

FOLLOW US

BROWSE BY CATEGORIES

  • Africa
  • Americas
  • Arts & Culture
  • Asia Pacific
  • Beauty
  • Bitcoin
  • Business
  • Cars
  • Celebrity
  • Cryptocurrency
  • Education
  • Entertainment
  • Entrepreneurship
  • Ethereum coin
  • Europe
  • Fashion
  • Featured
  • Global
  • Health
  • Litecoin
  • local
  • Movies
  • Music
  • News
  • Opinions
  • Others
  • Politics
  • Product
  • Real Estate
  • Relationship
  • Reviews
  • Sports
  • Technology
  • Uncategorized
  • Video

BROWSE BY TOPICS

actress APC arrest arrested atiku baby boy Buhari corruption court day dead death election EPL Government governor killed lagos man media News news & rumors News Update nigeria Nigerian Nigerians NTA off old PA PDP photo photos Police president reacts reveals son speaks State video Videos watch wife

POPULAR NEWS

  • Nigeria News

    How deserted torch uncovered suspected robber in Katsina

    246 shares
    Share 98 Tweet 62
  • FG Fines Channels TV N5 Million Over Interview With Datti Baba-Ahmed

    240 shares
    Share 96 Tweet 60
  • Russia has threatened the UK in regards to their plans of supplying uranium-laced ammunition to Ukraine, citing fewer steps to a nuclear collision.

    239 shares
    Share 96 Tweet 60
  • Due to an infestation of insects(Cockroaches), prayer was not able to be conducted in Kaaba

    239 shares
    Share 96 Tweet 60
  • Vacancy For Administrative Assistant At US Embassy, Nigeria (₦2,111,000 Monthly)

    239 shares
    Share 96 Tweet 60
Naijtimes News and Entertainment

Simply the best, for the right news and information at the right time.

Follow us on social media:

Recent News

  • Duties and responsibilities of Acting Central Bank of Nigeria Governor Adebayo Shonubi
  • DSS arrests ousted CBN Governor, Emefiele
  • Bola Tinubu Suspends Emefiele As CBN Governor

Calendar

September 2015
M T W T F S S
 123456
78910111213
14151617181920
21222324252627
282930  
« Aug   Oct »

Tags

actress APC arrest arrested atiku baby boy Buhari corruption court day dead death election EPL Government governor killed lagos man media News news & rumors News Update nigeria Nigerian Nigerians NTA off old PA PDP photo photos Police president reacts reveals son speaks State video Videos watch wife
  • About Us – (Naijtimes.com) Nigeria
  • Advertise with Us
  • Privacy Policy
  • Terms And Conditions

© 2023 Naijtimes News and Entertainment

No Result
View All Result
  • Home
  • Arts & Culture
  • Beauty
  • Cryptocurrency
    • Bitcoin
    • Ethereum coin
    • Litecoin
  • Education
  • Entertainment
    • Celebrity
    • Movies
    • Music
    • Video
  • Fashion
  • Featured
  • Global
    • Africa
    • Americas
    • Asia Pacific
    • Europe
  • Inspired
  • Sports
  • News
    • Business
    • Health
    • local
    • Politics
  • Opinions
  • Relationship
  • Reviews
    • Cars
    • Entrepreneurship
    • Real Estate
    • Technology

© 2023 Naijtimes News and Entertainment

Welcome Back!

Login to your account below

Forgotten Password? Sign Up

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Go to mobile version
%d bloggers like this: